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teddy2
Jun 16, 2019 1:07 PM UTC
Question

How should I record capital gain made from selling a property? for CGT?In balance sheet the asset is showing as negative because it was sold more than the buy price. thx

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6 replies

Zac Product Champion
Zac Product Champion
Jun 16, 2019 11:44 PM UTC

Hi Teddy2, Thank you for reaching out on this. I would like to suggest best to check with your accounting professions on this. Intuit provides "Matching making" program called Find a ProAdvisor for business owner to connect with QuickBooks Online certified accountants and bookkeepers. Here is a link if you want to find out more:

 

Hope this helps!

teddy2Author
Jun 18, 2019 8:28 AM UTC

Thanks but sorry your answer is not helpful. I know I can pay and ask a pro advisor.
I don't want to pay just for this question, and that's why I'm asking here. Surely there is a generic advice/procedure to follow.
Apparently the closest advise I could find is from here, just thinking which account to use to implement in QBO
https://www.accountingtools.com/articles/how-do-i-record-the-disposal-of-assets.html
https://central.xero.com/s/article/Dispose-of-or-sell-a-fixed-asset-AU

 

    JessT
    JessT
    Jun 18, 2019 9:49 AM UTC

    Hi Teddy2,

     

    Normally, we would record the sell of an asset via journal entry like the samples in article you shared. With regards to the posting accounts, we would recommend seeking advice from your accountant.


    I found a thread related to your scenario. Please open this link: https://intuit.me/31C6k5Q

     

    If you have other questions, you can always post back.
     

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